EURUSD Possible long position

In the weekly chart, the price has been started a bullish movement from March 2020. In daily view, we can see a bullish daily structure (daily channel) as well. In 4H chart, we can see that the price has been corrected by its previous bullish impulsive wave within a zigzag pattern (ABC). Now the price has been started a new impulsive bullish momentum again after reversing from the ABC corrective structure and the bottom of the daily channel. The first wave (1) has been reached 0.786 of the previous (C) wave which indicates that it is not a corrective (bearish) structure anymore. This first wave has been corrected until 0.236 Fibo level (for simplicity this level has been omitted from the chart). Now the third (3) wave is expected as the biggest rally of that bullish impulsive wave with the target of 1.618 of the first wave.

For those who want to take this as a trade, I suggest the stop loss something around 1.2085 (around wave 2) which will give a 1/3 risk to reward which seems a good trade from the fund management perspective.